Marigold Corp.'s balance sheet at December 31, 2021, is presented below. MARIGOLD CORP. Balance Sheet December 31, 2021 Cash $31,980 Accounts payable $33,280 Accounts receivable 59,150 Common stock ($10 par) 104,000 Allowance for doubtful accounts (1,950) Retained earnings 165,620 Supplies 5,720 Land 52,000 Buildings 184,600 Accumulated depreciation-buildings (28,600) $302,900 $302,900 During 2022, the following transactions occurred. 1. On January 1, Marigold issued 1,560 shares of $40 par, 7% preferred stock for $63,960. 2. On January 1, Marigold also issued 1,170 shares of the $10 par value common stock for $27,300. 3. Marigold performed services for $416,000 on account. 4. On April 1, 2022, Marigold collected fees of $46,800 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Marigold collected $358,800 from customers on account. 6. Marigold bought $45,630 of supplies on account. 5. Marigold collected $358,800 from customers on account. 6. Marigold bought $45,630 of supplies on account. 7. Marigold paid $41,860 on accounts payable. 8. Marigold reacquired 520 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $244,660. 10. On December 31, 2022, Marigold declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $2,210 which originated in 2022 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $7,670 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $4,550 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $13,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Account Titles and Explanation 1 2. 3 4. Adjusting entries 11 1. by S. SHOW LIST OF ACCOUNTS Prepare an adjusted trial balance at December 31, 2022. MARIGOLD CORP. Adjusted Trial Balance Debit Credit S s Prepare an income statement. MARIGOLD CORP. Income Statement III NOVO Prepare a retained earnings statement for the year ending December 31, 2022. (List items that incr retained earnings first.) MARIGOLD CORP. Statement of Retained Earnings SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Buildings and Equipment.) MARIGOLD CORP. Balance Sheet Assets $ Liabilities and Stockholders' Equity
